The Private Sector Development Association (PSDA) has urged the business community to brace for more hard times amid COVID-19 pandemic whose ending is not yet known.
Association Chairperson, Yusuf Dodia says with the continued surge in the numbers of COVID-19 cases, will likely affect businesses especially Small Medium and Entrepreneurs (SMEs).
He urged SMEs to begin embracing other means that will keep them afloat.
Mr. Dodia says although the worst is yet to come and some businesses are already making losses, it is also important for them to explore other opportunities such as online transactions and food deliveries for those in the hospitality industry.
He said many businesses despite being closed for six months due to the outbreak of the pandemic last year, are still threatened during the second wave and that it is very hard for them to survive, thus the need for them to seek other avenues.
“Clearly the private sector has had a very difficult time during the out outbreak of both the first and second waves of the pandemic. Many of them are running at losses especially those in the hospitality industry,” he said.
Mr. Dodia said the country is going to experience another recession this year because private businesses will not be able to function at full capacity and as such products will be adversely affected.
“The private sector should adequately prepare and brace themselves because the country is going to experience another recession this year. The worst is yet to come and businesses should start devising other survival means as it will not be business as usual,” Mr. Dodia said.
He said apart from the effects of COVID-19, some firms are not operating at full capacity due to load shedding.
Mr. Dodia said some businesses are still affected as they are still receiving rationed electricity but hopes the coming on board of Kafue Gorge lower hydropower station, the situation will improve.